President’s Hall, Malacañan Palace
December 19, 2024
“I stand before you with pride as we unveil the first Philippine polymer banknote series — a groundbreaking step that embodies the strength, ingenuity and forward momentum of our nation,” remarked President Ferdinand R. Marcos Jr. during the unveiling ceremony at the President’s Hall in Malacañan Palace.
The polymer banknotes series includes the PhP1000, PhP500, PhP100 and PhP50 denominations. Building on the success of the PhP1000 polymer note introduced in April 2022, these new banknotes adhere to global best practices for updating currency features every decade.
President Marcos Jr. emphasized the practical advantages of polymer notes over traditional paper currency. With a lifespan of up to five (5) times longer than paper bills, polymer banknotes can last up to 7.5 years. This longevity translates into reduced production costs, less waste and significant environmental benefits.
Furthermore, polymer banknotes offer advanced security features that make counterfeiting significantly more difficult. The President cited Malaysia and Vietnam as examples, noting that both countries experienced declines in counterfeiting after adopting polymer currency.
The new banknotes showcase iconic biodiversity of the Philippines. The PhP1000 note features the Philippine eagle, symbolizing strength and resilience, while the PhP500 note depicts the Visayan spotted deer, representing clarity and sharpness. The PhP100 note highlights the Palawan peacock-pheasant for its elegance and the PhP50 note showcases the Visayan leopard cat, embodying independence and agility.
“Beyond featuring our biodiversity, these notes honor the everyday culture that we live and see around us. The intricate weave patterns carry the stories of families, communities and generations who have kept these traditions alive through their hands and hard work,” President Marcos Jr. conveyed.
The Chief Executive commended the Bangko Sentral ng Pilipinas (BSP) for its foresight and leadership in introducing the polymer banknotes, which reflect the vision of a ‘Bagong Pilipinas’ — practical, innovative and deeply meaningful.
“As we hold these new banknotes, let us be reminded of the values we carry, the dreams we pursue and the future we build together,” President Marcos Jr. concluded in his speech.
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